Abbey need more info. Speed is of the essence.

sparrowlegs1

Hi,
This is the first time I have used this and have joined purely for advice or comments from people who have had similar experience.
Our mortgage advisor had an AIP for a mortgage that was pulled the day before our application went in. We are in a hurry to exchange by the end of the month due to us buying a repossession. Abbey have said yes initially but need us to send in 3 months bank statements. We have 3 charges on one account due to 3 small debit card payments being allowed through even though I was at the limit of my overdraft. Both accounts are just within their overdrafts each month and like many people (I hope!) we do not have a fixed budget each week. We spend as we need to.
How will we be judged on theses statements?
Help a.s.a.p. Thanks in advance x

mumof2girls_2

well when I submitted my last 3 bank statements to Abbey I was nearly maxed out on my O/D and my broker said it's just to prove you have regular income (wages) etc going into your account.

sparrowlegs1

did your application get approved?

_Andy_

It isn't just to look at income. Abbey will also look at outgoings and how the account is conducted.

Anything discussed here is just opinion and speculation though, all you can do is wait and see. If they decline it, they decline it.

sparrowlegs1

Your right. What will be will be. It's just nice to know that other people with similar circumstances have been lucky. It takes the stress away a little.

ronaldmacdonald

I decided to spread the risk a little and applied to Abbey and A.N.other mortgage lender. My reasoning was that Abbey are sooooo slow that by the time they have decided they may want more information then the second appliction could be or even have exceeded the position of the Abbey application..that and its a better rate lol.

Worse case scenario. I get no mortgage but have had 2 shots
Best case scenario. I get to choose who I go with

Dont put all your eggs in with Abbey if you need to move quickly.

cakinwande

I am a 1st time buyer and I thought using Abbey would be the best... it turned out to the WORST.

I started my telephone app before easter and yesterday, after they said they had approved my mortgage, they declined it, nothing to do with my credit as it is PERFECT, it was to do with my budget planner which leaves me with more than enough to live on to go on holiday once a month. So in all, it has taken them 5 weeks to decline it and the whole process has been one long nightmare.

Please, do not use Abbey unless you really have to!!!

I went to Halifax and my app was completed and approved within an hour! AMAZING!

sparrowlegs1

Panic over. Bloody Abbey had agreed in principle and had considered the fact that I work on termly contracts before they did this. Mortgage advisor rang them before submitting full application and they said that they would not approve it anyway. Idiots.
Application went in to Halifax on Monday at noon, surveyor was at house we are hopefully buying on Tuesday at noon and we have had mortgage offer today. 48 hour turnaround. We cannot believe it. Fingers crossed that all goes well from now until exchange.
Thanks for the replies.